From training and tuition to insurance coverage, meals and lodging, employer-provided benefits may be valuable perks for employees. There are a number of benefits that can be fully or partially excluded from taxable wages, but the rules for exclusion vary for different benefits and even for different taxes with regard to the same benefit. The rules are complex and can be confusing.
In addition, the tax reform provisions of the 2017 Tax Cuts and Jobs Act (TCJA) changed the rules for a number of popular benefits. Some benefits that could be excluded from employee wages prior to the TCJA are now taxable and for some benefits, employers may no longer deduct some or all of the cost.
Join this session by expert speaker Patrick Haggerty where he will differentiate between taxable fringe benefits and benefits that may be excluded from employee wages.
Session Highlights:
Identify changes to fringe benefits under the 2017 tax reforms and the impact of those changes
Recognize how to use IRS literature to assist in administering taxable fringe benefits in terms of valuation, inclusion in income, and the computation, withholding, deposit, and reporting of taxes
Describe the requirements for an accountable expense reimbursement plan
Identify correct statements with respect to taxable fringe benefit reporting
Describe which type of fringe benefit is taxable with respect to Federal Unemployment Tax
Recognize examples of de minimis benefit and how they qualify for fringe benefits
Describe correct statements regarding sick pay
Identify the 2019 business mileage rate
Describe which form to use for fringe benefits for an independent contractor
Recognize which type of fringe benefit is exempt from income tax withholding in all circumstances (i.e., there are no exceptions)
Identify an example of a working condition fringe benefit
Why You Should Attend:
This course covers the important changes tax reform brought to fringe benefits as well as provides an overview of common and some uncommon benefits and the rules governing them. It is important for employers to “get it right” with regard to whether benefits may be excluded from wages, and if they must be included, comply with federal and state wage and tax withholding, deposit, and reporting requirements.
Who Should Attend:
Payroll Supervisors and Personnel
HR Supervisors and Personnel
Public Accountants Internal Auditors
Tax Compliance Officers
Enrolled Agents
Employee Benefits Administrators
Officers and Managers with Tax or Benefits Compliance Oversight
Business Owners Managers
Supervisors
Public Agency Managers
Auditors
Compliance Personnel
Risk Managers
Advanced Preparation: None
Program Level: Intermediate
Prerequisites: Basic understanding of Fringe Benefits
Field of Study: Taxes
You may ask your Question directly to our expert during the Q&A session.
** You can buy On-Demand and view it as per your convenience.
Patrick Haggerty
Patrick Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.
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PLEASE NOTE: To receive credit through the NASBA for this program you MUST attend the Live program in its entirety and complete the required progress checks.
Number of CPE Credits Awarded for This Course: 1.5 (Taxes - 1.5)
Delivery Method: Group Internet Based
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Edupliance is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.5 PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.
This webinar has been approved for 1.5 HR (General) re-certification credit hours toward California, GPHR, HRBP, HRMP, PHR, and SPHR recertification through the HR Certification Institute. The use of this seal is not an endorsement by the HR Certification Institute of the quality of the activity. It means that this activity has met the HR Certification Institute’s criteria to be pre-approved for re-certification credit.